M&A · Industrials · Hotels & Motels
Standard General to acquire Bally's Corp
Announced Jul 25, 2024 · Closed Feb 13, 2025
Deal value$4.60BEV $4.60B
Premium—To unaffected price
EV / Adj. EBITDA11.1x1.9x EV / Revenue
ConsiderationAll cash$18.25 per share
Transaction
- Acquirer
- Standard General
- Target
- Bally's Corp (BALY)
- Buyer type
- Strategic
- Offer price per share
- $18.25
- Enterprise value
- $4.60B
- Status
- Closed Feb 13, 2025
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- $22.2M · 0.5%
- Go-shop
- No-shop
- Financing
- Committed · Macquarie
Advisors
- To the acquirer
- Not disclosed
- To the target
- Macquarie
- Macquarie fee
- $10.6M
Sector context · Industrials
- Comparable deals
- 83 in the prior 24 months
- Premium
- Sector median 36.0%
- EV / Adj. EBITDA
- 11.1x vs. 9.4x sector median
- Break fee
- Sector median 2.8%
Timeline
- AnnouncedJul 25, 2024
- Proxy filedAug 28, 2024
- Definitive proxyOct 17, 2024
- Shareholder voteNov 19, 2024
- ClosedFeb 13, 2025
Valuation · fairness opinions
Trading comparables$4.06$15.59
Trading comparables$5.82$19.76
Precedent transactions$5.11$17.17
Precedent transactions$6.87$21.35
Discounted cash flow$9.25$35.08
Offer $18.25
Implied value per Bally's Corp share by analysis, from Macquarie.